Sterling slipped slightly yesterday from its two-month high against the US dollar, while drifting to a new six-month low against the euro.
This morning’s worst retail data for nearly three years has knocked it further. Retail sales were at their lowest level since February 2021 – at the height of the second lockdown.
Next week will be considerably quieter for data, but there will be a reading for labour productivity on Tuesday and on Wednesday the chancellor Jeremy Hunt will deliver his Autumn Statement. It is thought he will be announcing big cuts to inheritance tax and to business levies, to please the right of the Conservative Party.
GBP/EUR past year
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